S&P 500 futures reach an all-time high on stimulus bets
The S&P 500 reached an all-time high on Monday as investors ignored rising United States-China tensions to focus on President Donald Trump’s orders that could lead the economy’s recovery from the coronavirus pandemic.
S&P 500’s benchmark index would open at 12 points lower than its February 19 record peak of 3,393.52.
Amazon.com (AMZN.O), Netflix Inc (NFLX.O), and Apple Inc. (AAPL.O) supported the Nasdaq (NDAQ) stock market to reclaim its all-time high in June while Dow Jones’ (DJI) blue-chip remained at 6%.
The United States recorded 5 Million new COVID-19 cases on Monday.
“As the summer COVID-19 spike wanes, investors are more inclined to view the economic recovery as real. That could mean the recent move toward cyclical stocks is real and sustainable for the first time since the pandemic began,” Tower Bridge Advisors’ Chief Investment Officer James Meyer stated.
The S&P 500 closed by less than 1% below its record high on the afternoon trading.